Airports, construction give Megawide a boost
Infrastructure player Megawide Construction Corporation recently announced a net profit growth of ten percent for the first half of 2018 to P1.26 billion from P1.15 billion in the same period last year. The increase was driven largely by the growth of the company’s airport business segment, which contributed 65 percent to consolidated net earnings. The construction business segment, which involved “Build, Build. Build!” endeavours such as the Paranaque Integrated Terminal Exchange, an intermodal transport facility to be completed in 2018, accounted for the remaining 35 percent. Revenues from airport operations drove strong passenger volume. For the first half of 2018, the Mactan-Cebu International Airport (MCIA) saw 5.8 million passengers compared to 5.1 million in the same period last year. First half revenues for Megawide’s construction business came in at P7.4 billion. “Our growth prospects continue to be promising with the addition of more routes at Mactan-Cebu International Airport (MCIA) and the numerous opportunities in the construction segment,” said Megawide chairman and CEO Edgar Saavedra.